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Parent Company Only Condensed Financial Information (Tables) | 12 Months Ended
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Dec. 31, 2023
Condensed Financial Information Disclosure [Abstract] |
Schedule of Balance Sheets |
Balance Sheets |
| December 31, |
| 2023 |  |  | 2022 |
(In thousands) |  |  |  |  |
ASSETS |  |  |  |  |
Noninterest-bearing cash equivalents | $ | 12,547 |  |  | $ | 15,486 |
Securities available for sale, at fair value |  | — |  |  |  | — |
Investment in subsidiaries |  | 309,015 |  |  |  | 162,029 |
Other Assets |  | 7,075 |  |  |  | 1,712 |
TOTAL ASSETS | $ | 328,637 |  |  | $ | 179,227 |
LIABILITIES AND SHAREHOLDERS' EQUITY |  |  |  |  |
Subordinated debt | $ | 61,444 |  |  | $ | 40,484 |
Other liabilities |  | 1,397 |  |  |  | 190 |
Shareholders' equity |  | 265,796 |  |  |  | 138,553 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ | 328,637 |  |  | $ | 179,227 |
Schedule of Condensed Statements of Operations and Comprehensive Income |
Condensed Statements of Operations and Comprehensive Income |
|  | Years Ended December 31, |
|  | 2023 |  |  | 2022 |
(in thousands) |  |  |  |  |  |
Income: |  |  |  |  |  |
Interest income |  | $ | - |  |  | $ | 11 |
Dividend income from subsidiaries |  |  | — |  |  |  | — |
Expenses: |  |  |  |  |  |
Interest expense |  |  | 1,926 |  |  |  | 1,501 |
Other noninterest expenses |  |  | 5,135 |  |  |  | 564 |
Income before income tax |  |  | (7,061 | ) |  |  | (2,054 | )
Income tax benefit |  |  | (1,128 | ) |  |  | (407 | )
|  |  | (5,933 | ) |  |  | (1,647 | )
Equity in undistributed subsidiary (loss) income |  |  | (6,035 | ) |  |  | 7,245 |
Net (loss) income |  | $ | (11,968 | ) |  | $ | 5,598 |
Comprehensive Loss |  | $ | (8,772 | ) |  | $ | (2,585 | )
Schedule of Condensed Statements of Cash Flows |
Condensed Statements of Cash Flows |
|  | Years Ended December 31, |
|  | 2023 |  |  | 2022 |
(in thousands) |  |  |  |  |  |
OPERATING ACTIVITIES |  |  |  |  |  |
Net (loss) income |  | $ | (11,968 | ) |  | $ | 5,598 |
Adjustments: |  |  |  |  |  |
Undistributed earnings of subsidiaries |  |  | 6,035 |  |  |  | (7,245 | )
Amortization of premiums and discounts |  |  | (118 | ) |  |  | (212 | )
Other, net |  |  | (549 | ) |  |  | (1,171 | )
Net cash used in operating activities |  |  | (6,600 | ) |  |  | (3,030 | )
INVESTING ACTIVITIES |  |  |  |  |  |
Net cash acquired through merger and acquisition |  |  | 8,014 |  |  |  | — |
Investments in subsidiaries |  |  | (10,400 | ) |  |  | (35,000 | )
Cash dividends from subsidiaries |  |  | — |  |  |  | 1,300 |
Sale of securities |  |  |  |  |  | 504 |
Net cash from dissolution of subsidiary |  |  | 635 |  |  |  | — |
Net cash used in investing activities |  |  | (1,751 | ) |  |  | (33,196 | )
FINANCING ACTIVITIES |  |  |  |  |  |
Proceeds from issuance of common stock, net |  |  | 10,132 |  |  |  | 34,650 |
Proceeds from issuance of subordinated notes |  |  | — |  |  |  | 20,000 |
Issuance of shares from exercise of stock options |  |  | 150 |  |  |  | 120 |
Dividends paid |  |  | (4,870 | ) |  |  | (3,334 | )
Net cash provided by financing activities |  |  | 5,412 |  |  |  | 51,436 |
(Decrease) Increase in cash and cash equivalents |  |  | (2,939 | ) |  |  | 15,210 |
Cash and cash equivalents at the beginning of the period |  |  | 15,486 |  |  |  | 276 |
Cash and cash equivalents at the end of the period |  | $ | 12,547 |  |  | $ | 15,486 |

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